In 1996, the new building was formally opened by Mian Muhammad Nawaz Sharif, and the Academy moved to the sixth floor.

[2][citation needed] The aims and objectives of the Academy are to promote and disseminate the study and understanding of the works and teachings of Allama Iqbal.

[3] The Composition of the Academy as laid down in the Iqbal Academy Ordinance 1962 is as follows:[5] In order to translate its objectives into action and activity, Iqbal Academy undertakes measures such as publication programs; IT projects; outreach activities; the Iqbal Award Programme; website, research and compilation, audio-video, multimedia, archive projects; as well as exhibitions, conferences, seminars, projection abroad, research guidance, academic assistance, donations, and library services.

The library has also developed the largest and most sophisticated website on Iqbal to facilitate research scholars, students, and general readers the world over through the internet.

Inspired by Project Gutenberg, the library was conceived and developed by Qasim Shahzad under the supervision of Muhammad Suheyl Umar, and it was formally inaugurated by the Governor of the Punjab Lt. Gen. Khalid Maqbool.

The main objective of the cyber library is to provide an opportunity, to users globally, for online consultation of significant primary materials—including manuscripts, books, and reference sources—in a multilingual format.

[12] Following are the categories of these awards: Utilising modern means of dissemination the Academy’s IT Section promotes the organisational mission through various initiatives, including: Planning, development, maintenance and implementation of IT Policy, infrastructure and Management Information System.